June 16, 2013

  • Ford daily chart shows price in a contracting triangle pattern.
  • Price testing the up trend line and Possible breakdown level is 15.06 - 15.09. 
  • Weekly chart shows price closing above golden ratio. Trading below golden ratio could lead to bigger corrections.

  • QQQ Weekly chart shows weakness as price falls back into the weekly channel.
  • For next week 20 week SMA could get tested if price falls below 71.47
  • Crucial support in daily chart is 50 Day SMA whcih must be broken for a bigger fall to start. Bulls need to break above the resistance line shown in last chart to avoid correction for now.


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My Favourite Quote

"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore